The Citi strategist forecasts the S&P 500 reaching 5,600 by the end of 2024.
Ongoing earnings strength for the "Magnificent Seven" will continue to lead the S & P 500 higher, according to Citi. Scott Chronert, the bank's head of U.S. equity strategy, increased his year-end S & P 500 target to 5,600 from 5,100. That is nearly a 10% raise and among the highest on Wall Street, according to the CNBC Market Strategist Survey. The new target implies the broad market index gaining 2.3% from where it closed Monday and a 17% gain.
As a result, traditional macro-determined target setting seems inappropriate. Rather, a S & P 500 index target needs to account for related influences." Although Nvidia and the rest of the Magnificent Seven have shown ongoing positive revisions to their 2024 earnings estimates, the remaining 493 stocks in the S & P 500 have not yet shown a similar uptick to their 6% earnings per share growth forecast, according to Chronert.
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